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Updated almost 6 years ago,
Getting a Line of Credit for an Auction
Hi, I have an investor that will finance my properties but once in a while there is a property I might want to buy at an Auction. The problem is, I won't know until two days before the auction because most of the houses don't actually end up going to sale. If one does go to auction and I have the winning bid, you have to pay immediately. My investor likes to get a full title commitment and I can only supply him with prelim title- I can't use the heloc because I already used it, (haha). I checked into lines of credit which I can get, but most of them only give about $25,000 and I need around $100K. I checked out a few online but I looked up their reviews and they don't look legit. Any suggestions?